As the financial landscape fast transitions from paper based modes of payment to reliable and efficient electronic payment systems, velocity of payment processing becomes the key differentiator. NPCI’s “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.

The Wire recently carried out an article on this transition phase titled “Did Demonetisation Bring About a Digital Transaction Revolution?. From the statistics provided in the article it is evident that clearing transactions which consisted of 82% value of the total retail payment in 2011-12, was reduced to 37% in 2016-17.

The NACH payments system by NPCI is designed to allow Banks, Financial Institutions, Corporations and Consumers eliminate the use of paper cheques to make routine payments. It is a centralised, web-enabled clearing service that improves on erstwhile ECS’s regional in-efficiencies by consolidating into one national payment system.

Writer’s ACH solution is designed taking in to mind the urgent need of going cashless in the urban as well as rural segments in India